Cytochroma was incorporated in December 1996 by PARTEQ Research and Development Innovations, the technology transfer arm of Queen's University in Kingston, Ontario, Canada and two founding scientists, Dr. Glenville Jones and Dr. Martin Petkovich. In early 1999, Cytochroma completed a $2.1 million first round financing with a consortium of investors including Canadian Medical Discoveries Fund, GeneChem Technologies Venture Fund and Working Ventures Canadian Fund. In late 2001 and 2002, Cytochroma raised CDN $22 million in series B private equity financing. The Business Development Bank of Canada (BDC) served as lead investor with new participation from T2C2/BIO 2000 and CDP Capital - Technology Ventures, both of Montreal, Novo of Denmark, and VentureLink Capital and VenGrowth Advanced Life Sciences Fund both of Toronto as well as participation from the existing investors.